 "PNB tightens staff transfer policy to ensure irregularities do not recur")
Fraud-hit Punjab National Bank (PNB) on Monday held its board meeting for five hours and decided to replace the current tax transfer policy with strict as well as clear norms to ensure that such irregularities do not recur. The board also resolved that internal and external auditors must ensure that system procedures, particularly those involving SWIFT and forex transactions, are followed in all the branches.
Though the meeting did not discuss plans to approach the government seeking more recapitalisation funds, sources said the bank was assessing its liabilities after the fraud. The assessment will take a week, after which it
